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FILE - Int his May 10, 2016, file photo, billionaire hedge fund manager David Tepper mingles during a grand opening of rock star and philanthropist Jon Bon Jovi's Jon Bon Jovi Soul Foundation Soul Kitchen and B.E.A.T. Center, which stands for Bringing Everyone All Together, in Toms River, N.J. People familiar with the situation say Tepper has agreed to buy the Carolina Panthers from team founder Jerry Richardson for a record $2.2 billion. The people spoke to The Associated Press on Tuesday, May 15, 2018, on condition of anonymity because the team has not yet announced the sale. The purchase is subject to a vote at the NFL owners meeting next week in Atlanta. (AP Photo/Mel Evans, File)

FILE - In this Sept. 22, 2013, file photo, a Carolina Panthers logo is displayed on the field at Bank of America Stadium prior to an NFL football game between the Carolina Panthers and the New York Giants in Charlotte, N.C. People familiar with the situation say hedge fund manager David Tepper has agreed to buy the Panthers from team founder Jerry Richardson for a record $2.2 billion. The people spoke to The Associated Press on Tuesday, May 15, 2018, on condition of anonymity because the team has not yet announced the sale. The purchase is subject to a vote at the NFL owners meeting next week in Atlanta. (AP Photo/Mike McCarn, File)

FILE - In this Jan. 15, 2013, file photo, Carolina Panthers owner Jerry Richardson speaks during a news conference for the NFL football team in Charlotte, N.C. People familiar with the situation say hedge fund manager David Tepper has agreed to buy the Panthers from Richardson for a record $2.2 billion. The people spoke to The Associated Press on Tuesday, May 15, 2018, on condition of anonymity because the team has not yet announced the sale. The purchase is subject to a vote at the NFL owners meeting next week in Atlanta. (AP Photo/Chuck Burton, File)

FILE - In this May 10, 2016, file photo, billionaire hedge fund manager David Tepper, addresses a gathering during a grand opening of rock star and philanthropist Jon Bon Jovi's Jon Bon Jovi Soul Foundation Soul Kitchen and B.E.A.T. Center, which stands for Bringing Everyone All Together, in Toms River, N.J. People familiar with the situation say Tepper has agreed to buy the Carolina Panthers from team founder Jerry Richardson for a record $2.2 billion. The people spoke to The Associated Press on Tuesday, May 15, 2018, on condition of anonymity because the team has not yet announced the sale. The purchase is subject to a vote at the NFL owners meeting next week in Atlanta. (AP Photo/Mel Evans, File)

Tuesday, May 15, 2018 1:00 pm

AP sources: Tepper to buy Panthers for record $2.2 billion

STEVE REED | Associated Press

CHARLOTTE, N.C. -- The Carolina Panthers are being sold for an NFL-record $2.2 billion.

Hedge fund manager David Tepper has agreed to buy the Panthers from team founder Jerry Richardson, two people familiar with the situation said Tuesday. The people spoke to the Associated Press on condition of anonymity because the team has not yet announced the sale.

The purchase is subject to a vote at the NFL owners meeting next week in Atlanta.

Richardson announced in December he was selling the team amid an NFL investigation into sexual and racial misconduct in the workplace. That decision came after a report by Sports Illustrated detailing Richardson's alleged misconduct. The league's investigation into the allegations is ongoing.

The price tag is the most ever paid for an NFL franchise, eclipsing the $1.4 billion the Pegula family paid to purchase the Buffalo Bills in 2014.

Born and raised in Pittsburgh, Tepper, 60, is a part owner of the Steelers and founder and president of Appaloosa Management, a global hedge fund based in Miami.

Because he holds a 5 percent stake in the Steelers, Tepper's finances already have been vetted by the league, meaning it wouldn't take much for NFL owners to approve the sale. However, Tepper would have to sell his minority ownership stake of the Steelers, per league rules.

Forbes listed Tepper's net worth at $11.4 billion in February 2017.

Tepper is known for his philanthropy. He donated $55 million to Carnegie Mellon University's business school in 2013. Tepper graduated from the University of Pittsburgh and Carnegie Mellon, where the Tepper School of Business is named after him.

Richardson was the first and only majority of the Panthers. He became only the first former player since George Halas to become an NFL owner when he was awarded an expansion franchise in 1993.

Richardson promised fans at the time the Panthers would win a Super Bowl "within 10 years." Carolina has reached the Super Bowl twice, including in 2015, but has never won.